Recently, I read the full report released by a leading exchange, and there was a detail worth pondering— they changed their wording. They no longer describe themselves as "a matching trading platform," but instead emphasize that they are "embedded financial infrastructure."

This shift in wording may seem like a mere change of expression, but what does it actually reveal? It indicates that the ambitions of these top-tier exchanges have gone beyond just matching trades; they aim to become the foundational builders of the entire crypto ecosystem. When you can be embedded into various applications, projects, and even traditional financial systems, it elevates from merely providing a trading venue to offering fundamental services—this is a qualitative leap.